CEFC strengthens Australia’s clean energy pipeline with FRV portfolio finance

31 July 2024

CEFC capital will accelerate development of the Fotowatio Renewable Ventures (FRV) Australia pipeline of renewable energy assets around the country, in a further demonstration of its increased focus on clean energy enabling technology.

The $90 million CEFC investment commitment is part of FRV Australia’s portfolio financing of nine clean energy assets in NSW, Queensland and Victoria representing nearly 1 GW of PV capacity and 102.5MW / 205MWh of battery storage capacity.

The FRV Australia portfolio comprises six operational solar farms, a hybrid solar and BESS project, and the Walla Walla Solar Farm, which is under construction in NSW. The CEFC committed $100 million to the Walla Walla Solar Farm in 2022.

Battery storage has an important role to play in decarbonising the Australian energy network and transitioning to a grid powered by renewable energy.

Ian Learmonth

CEFC CEO

In addition to the CEFC commitment, FRV Australia also attracted support from banks from across Australia, Asia and Europe: ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, China Construction Bank and Agricultural Bank of China.

CEFC CEO Ian Learmonth said: “We are now in the critical decade to reduce emissions and accelerate the clean energy transition and the FRV portfolio of clean energy assets will help provide the renewable energy and storage we need to meet our targets.

“Battery storage has an important role to play in decarbonising the Australian energy network and transitioning to a grid powered by renewable energy.

“Alongside our key role in the delivery of the Australian Government’s Rewiring the Nation program, this is another example of how the CEFC is supporting the technology that will develop our low emissions 21st century electricity grid.”

With energy at the heart of the net zero transition, the CEFC maintained its focus on renewable energy in the 2023-24 year with $1.3 billion in new and follow-on commitments, including large-scale clean energy projects, taking lifetime CEFC commitments to $8.3 billion. Together, these commitments are backing the delivery of 5.9 GW in additional large-scale renewable energy capacity, and 3.7 GW of large-scale storage capacity.

In addition, since inception the CEFC has committed more than $400 million to big batteries across five States and Territories around the country, including the Victorian Big Battery, the Hornsdale Power Reserve and the Blyth Battery in South Australia, the Waratah Battery in NSW, the Collie Big Battery in Western Australia and the ACT Battery in Canberra.

FRV Australia CEO Carlo Frigerio said: "We are thrilled to achieve this significant milestone in our journey This refinancing not only secures the future of our current operations but also provides a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia”.

FRV Australia is a leading developer of sustainable energy solutions and was one of the first solar developers to enter the Australian market. The company, owned by Abdul Latif Jameel Energy and OMERS, has developed and built more than 1 GW of Australian PV assets across ten projects.

The CEFC previously worked with FRV Australia on its first large scale solar investment, the ground-breaking Moree Solar Farm, in 2013.

About FRV Australia

FRV was one of the first international solar developers to enter the Australian market and developed its first Australian solar PV project pipeline in 2011 opening the local solar market. FRV was also the first company to deliver a project-financed large scale solar farm in Australia with the Royalla Solar Farm near Canberra operating since August 2014. To date, the company has developed over 1 GW of PV assets built or under construction across 10 projects. The activities are based in Sydney and the company has a multidisciplinary team of over 80 employees. In October 2021 FRV partnered with OMERS Infrastructure signing an agreement for the sale of 49% of FRV Australia. The partnership with a top tier investor such as OMERS is a strong signal of confidence in the high value of FRV’s portfolio of projects and pipeline and it will accelerate the growth plans for the company in Australia.